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Branches of accounting
The main branches of accounting are Financial Accounting, Cost Accounting and Management Accounting.
Financial Accounting
It is concerned with recording of business transactions in the books of accounts in such a way that operating result of a particular period and financial position on a particular date can be known.
Cost Accounting
It relates to collection, classification and ascertainment of the cost of production or job undertaken by the firm.
Management Accounting
It relates to the use of accounting data collected with the help of financial accounting and cost accounting for the purpose of policy formulation, planning, control and decision making by the management.
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